Coal export credits under fire

The chances of a new global climate change agreement at a U.N. conference in Paris have fallen as the world's richest nations seem unlikely to reach a deal to phase out subsidies for coal exports at talks in June.

For over a year, the Paris-based Organisation for Economic Cooperation and Development has been seeking to agree to phase out export credits for coal.

However, a breakthrough will be problematic when the issue is raised at ministerial level and at a meeting of the OECD's coal export credit group set for 9-12 June.

There is still a small chance of an agreement before the Paris U.N. conference that starts on 30 November, but only if the June talks make enough progress to justify an extraordinary OECD meeting in July or September.

France would like coal export credits to be permitted only for technologies that are able to capture and store the carbon emissions, which Germany says is impractical, instead campaigning for ending support for the least efficient equipment.